ITAT Delhi held that expenditure of customer contracts and assembled workforce incurred which will give enduring benefits to the assessee is capital expenditure. Accordingly, depreciation is allowable on the same.
ITAT Delhi held that receipts from leasing- hiring of Rigs are taxable as business profit under section 44BB of the Income Tax Act. Such receipts are not in the nature of royalty and hence cannot be taxed under section 9(1)(vi) read with section 115A of the Income Tax Act.
ITAT Amritsar held that as income of the deceased person offered to tax, credit of TDS cannot be denied merely because it appears in the name of deceased mother. A particular income cannot be taxed twice under the law.
These regulations may be called the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2023.
These Regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023.
Major changes have been brought in under the Finance Budget 2023 through insertion of clause (iii) in Explanation 4 to sub-section (1) of section 11 AND clause (iii) in Explanation 2 to the third proviso of clause (23C) of section 10 of the Income Tax Act.
The anti-profiteering provisions under the Goods and Services Tax (GST) were introduced to ensure that businesses pass on the benefits of reduced tax rates and input tax credits to the consumers. The primary objective of anti-profiteering measures is to protect the interests of the consumers and to prevent businesses from taking undue advantage of the GST system.
Understand the implications of GST registration cancellation without determining payable amounts by the assessee. Learn from the Gujarat High Court’s ruling.
Learn about the impact of delayed payments to Micro & Small Enterprises in India. Understand the legal provisions and implications for businesses.
Seeks to amend notification No.2/2017-Union Territory Tax (Rate), dated the 28th June, 2017 vide Notification No. 04/2023- Union Territory Tax (Rate) Dated : 28th February, 2023- CBIC exempts UTGST on Rab, other than pre-packaged and labelled. MINISTRY OF FINANCE (Department of Revenue) Notification No. 04/2023- Union Territory Tax (Rate) Dated : 28th February, 2023 G.S.R. […]
